Polygon Labs has closed its purchase of crypto payments firm Coinme, giving its payments platform licensed money transmission coverage in 48 U.S. states, months after the deal's original target.
Key Points:
- Polygon Labs closed its Coinme purchase, gaining 37 state money transmitter licenses and 11 exemptions.
- Tazapay, Mesh, Toku and Kira are among the first customers of its Open Money Stack platform.
- The deal closed more than three months after its second-quarter target.
Polygon Closes Coinme
Polygon Labs announced the closing on Oct. 14, saying the deal brings 37 state money transmitter licenses and 11 applicable exemptions into its Open Money Stack platform. The business is also registered with federal regulators as a money services business. The closing completes part of a deal worth more than $250 million, announced in January, that also covered wallet infrastructure firm Sequence.
Polygon missed its second-quarter closing target for Coinme by more than three months.
Four companies, Tazapay, Mesh, Toku and Kira, are among the first to use the platform for cross-border payments, account funding, payroll and U.S. dollar access. Tazapay serves more than 1,000 enterprises and fintechs in over 30 countries.
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Marc Boiron On Payments
Polygon Labs CEO Marc Boiron said Coinme gives the company infrastructure to support a payment "from the moment funds come in to the moment the recipient gets paid." Open Money Stack combines fiat on- and off-ramps, wallets, cross-chain routing and settlement in one integration. Businesses can accept funds, settle in stablecoins and pay recipients in local currency.
"The bottleneck in stablecoin payments is access," Mesh CEO Bam Azizi said, as his company adds Polygon's on-ramp to its network of more than 300 wallets, exchanges and financial services. Polygon calls the platform live, but its unified integration sits in technical preview.
Coinme Deal History
Polygon has not said what role, if any, its Polygon Ecosystem Token (POL) plays in the platform, and it has not named the two states outside its coverage.
Coinme also carries a regulatory record. California regulators fined the company $300,000 on Jun. 25, 2025, in the first enforcement action under the state's 2023 crypto licensing law.
Polygon unveiled the Coinme and Sequence purchases on Jan. 13, then cut staff on Jul. 16 as Boiron said the integration would help the company turn profitable in 2027. On Oct. 8, Polygon added Tron (TRX) support to Open Money Stack, extending it to Tether (USDT) payments and payouts on that network.
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